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Aviva Investment and life plan,please advise

Hi I am somewhat confused to what i actually have in this plan,i pay £50 per month and have done so since 1993,i am aware the life cover is £70K on the first death but there is an investment part of it with investments in Balanced Managed, With Profits and With Profits Guaranteed.
What are my options regarding the investment part can i stop paying and take what i have accumulated and just carry on the life insurance side of it.
I am very unsure of the best way forward on this policy ,please advise

Comments

  • ACG
    ACG Posts: 24,036 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    I dont know anything about this type of policy as they were being sold before i joined the industry. You would probably be best speaking to Aviva (its not often ill say that about their customer services :P) or even taking the paperwork down to a financial advisors to read over and see what you have and what can be done.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • This sounds like a unit linked whole of life policy.

    The premiums paid to such a policy plan purchase investment units, some of which will be cashed in each month to buy life cover. As you get older the cost of the life cover goes up and you will eventually have to use the fund built up to supplement the premiums in order to maintain cover.

    The problems come when the premiums and fund growth between them cannot meet the premiums. The fund then diminishes and you must either increase the premiums or decrease the cover.

    Once the insurer tells you that you must do so, you probably have three years in which to make a complaint to whoever sold it to you.
  • redmalc
    redmalc Posts: 1,433 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Magpie cottage ,i have just looked over the recent documents and you got it spot on,each month units are cashed to pay for the life cover.
    What are my options,is it worth biting the bullet and cashing in,we are both in our mid fifties.
  • redmalc
    redmalc Posts: 1,433 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hi I have just spoken to Aviva and the policy investment side has a surrender value today of £7240,the obvious question is what would it cost to get 70K,s worth of life cover for the pair of us based on our ages of 55 and 56,non smokers with no medical issues
  • ACG
    ACG Posts: 24,036 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Level/Decreasing cover?
    How many years woth of cover are you looking for?

    Infact you check yourself at theidol.com - im not suggesting you do or dont use them for your cover but it will give you a rough idea as to cost.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • redmalc
    redmalc Posts: 1,433 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Hi ACG,i have just looked on idol for 20 year cover paying 70k and the price is what i am paying now £50 per month
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